Publication: Lithuania : Financial Sector Assessment
Date
2002-06
ISSN
Published
2002-06
Author(s)
World Bank
Abstract
A joint International Monetary Fund
(IMF)-World Bank Financial Sector Assessment Program (FSAP)
mission visited Lithuania during November 4-15, 2001 to
undertake an assessment of the financial sector. The
principal objective of the mission was to assist the
authorities in identifying potential vulnerabilities in the
Lithuanian financial system and obstacles to its future
development. Financial activity is likely to grow markedly
in years to come, but a large share of the intermediation of
saving and investment will not take place locally, but will
instead involve a specific pattern of domestic and
cross-border financial activity. Institutions in the
Lithuanian financial system comprise banks, leasing
companies, insurance companies, and securities firms. The
insurance sector is small but likely to develop
significantly in the years ahead. The payment system handles
only a limited number of transactions and has shown itself
to be robust in previous periods of stress. The Lithuanian
financial system is likely to undergo significant further
development and change, driven mainly by stepped-up domestic
financial system reform and the increasing integration among
financial markets in Lithuania and other countries in
Europe. Lithuania appears committed to fighting money
laundering and terrorist finance. Controls on money
laundering in the insurance and securities sectors fall well
short of those in the banking sector.
Citation
“World Bank. 2002. Lithuania : Financial Sector Assessment. © Washington, DC. http://openknowledge.worldbank.org/entities/publication/22c26945-cd84-50da-a414-4b93f90faa3d License: CC BY 3.0 IGO.”